Cryptocurrency exchange Binance has paused deposits and withdrawals on its platform due to issues affecting its spot trading, its Chief Executive Changpeng Zhao said in a tweet on Friday.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order,” he said in a tweet, adding that the pause was a standard operating procedure.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA
— CZ 🔶 Binance (@cz_binance) March 24, 2023
Last week, Binance said it will be halting its sterling deposits and withdrawals, a month after the world’s largest crypto exchange ceased dollar transfers.
Reuters has previously reported that the Justice Department is investigating the crypto exchange for suspected money laundering and sanctions violations.
